Mr Cooper Group Inc (COOP)

[RajuSondh1]

see FDIC response.

Mr. Sondh,


Your assumption is correct. The ticker for stock issued by Washington Mutual Bank (WAMU) should still be active as long as the receivership of the failed bank is still active and not terminated. Unfortunately, there’s no way to predict or know how much longer the receivership will remain active. In most cases, a receivership will last an average of 3 to 10 years before all of its assets are liquidated, the impediments are resolved, and the receivership is finally terminated. Once that happens, the tickers for your stock ownership in WAMU should cease. Bear in mind, though, that WAMU was a very large institution, and it may still take several years before the receivership is finally terminated and closed.



Of course, the likelihood of receiving any recovery on your shares of stock in WAMU is extremely low. That’s because there remains a priority for payment on claims of the receivership, and stockholders are last in line to receive any payment on their claims. Specifically, under federal law establishing depositor preference, 12 U.S.C. § 1821(d)(11), the statutory order of priority for the payment of dividends on claims against an institution in receivership is as follows:



(i) Administrative expenses of the Receiver;

(ii) Any deposit liability of the institution;

(iii) Any other general or senior liability of the institution (which is not a liability described in clause (iv) or (v));

(iv) Any obligation subordinated to depositors;

(v) Any obligation to shareholders or members arising as a result of their status as shareholders or members (including any depository institution holding company or any shareholder or creditor of such company).



This is an “absolute priority” scheme, under which dividends on claims are paid pro rata in each class, but no distribution may be made on claims in a lower priority class unless all claims in the higher priority class have been paid in full. Thus, where amounts realized from liquidation of the failed depository institution’s assets are insufficient to satisfy administrative expenses and deposit liabilities in full, there will be no distribution on claims in the general unsecured claimant class or any lower priority classes.



If you have additional questions or concerns about the receivership of WAMU, please visit our website at https://www.fdic.gov/bank/individual/failed/wamu.html. The information on that site is updated quarterly with new data, especially as it relates to the receivership’s balance sheet condition and payment of dividends toward allowed claims.



We hope this information is helpful.



Respectfully,



Non-Deposit Claims Unit

FDIC as Receiver for Washington Mutual Bank

[phone]



From: [mailto:raju_sondh@xxxx]
Sent: Tuesday, November 07, 2017 11:45 AM
To: Customer Service FDIC DAL
Subject: Washington Mutual Bank Receivership clousure



Hi, my question is when FDIC plan to close WAMU receivership? I have these tickers from old WAMU stock in my account and I am wondering what is the meaning of it if they are still their. I believe it has something to do with receivership based on my reading on FDIC receivership process.

Regards,

Raju Sondh